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Battery Energy Storage-Global Market Insights and Sales Trends 2024
Synopsis
The lithium-ion batteries have a long lifespan of 5–10 years, and up to 98% efficiency (i.e., only 2% of electrical charge is lost during use). The lithium-ion batteries have very high energy and power densities, which leads to lower weight with low standby losses, and high life expectancy. Lithium-ion batteries continue to hold a large size of the battery energy storage system market owing to its features such as high energy density, self-discharge capability, low maintenance requirement, less weight, and high life expectancy. Battery energy storage system is well suited for smoothing the variable output of renewables and controlling the rapid ramping up and down of solar as well as wind generation. The grid operators and regulators are aware of the importance of battery energy storage systems and their ability to cater through multiple services. The utility operators are using these systems in their resource planning processes, which reduces the system costs and increases storage capacity.
The global Battery Energy Storage market size is expected to reach US$ 8495.9 million by 2029, growing at a CAGR of 3.3% from 2023 to 2029. The market is mainly driven by the significant applications of Battery Energy Storage in various end use industries. The expanding demands from the Residential, Non-Residential, Utilities and Others, are propelling Battery Energy Storage market. Li-Ion Batteries, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Lead-Acid Batteries segment is estimated at % CAGR for the next seven-year period.
Due to the rapid development of the wind power and photovoltaic industry, as well as the increasing awareness of environmental protection in various countries, the energy storage industry is becoming one of the key technologies, which is used in many countries to advance the carbon neutral target process today. The United States, China and Japan occupied the leading position in the installed capacity of energy storage projects, among which the United States is the world's largest energy storage market. The European Union established the European Battery Alliance (EBA) in 2017, aiming to escape the EU's dependence on Asian manufacturers in the battery storage field. According to Data Europa’s statistics, the cumulative installed capacity has reached 48.38GW in 2020. At present, pumped storage accounts for 94% of the energy storage market in Europe, with Spain and Germany having the largest capacity. According to BNEF data, electrochemical energy storage in the United States added 3.97GW / 10.88 GWh in 2021. In terms of power, it accounted for 40% of the global increase. In 2022, the United States passed the IRA, which subsidized independent energy storage for the first time. Under the ITC, new energy storage projects could offset up to 59% of the investment. The effect of the policy has initially appeared, and the energy storage industry in the United States shows an upward trend.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Battery Energy Storage, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Battery Energy Storage market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Battery Energy Storage market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Battery Energy Storage sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Battery Energy Storage covered in this report include Siemens, ABB, Samsung SDI, Bosch and BYD, etc.
The global Battery Energy Storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Siemens
ABB
Samsung SDI
Bosch
BYD
Global Battery Energy Storage market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Battery Energy Storage market, Segment by Type:
Li-Ion Batteries
Lead-Acid Batteries
Sodium Sulfur Batteries
Global Battery Energy Storage market, by Application
Residential
Non-Residential
Utilities
Others
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Battery Energy Storage manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Battery Energy Storage in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
The lithium-ion batteries have a long lifespan of 5–10 years, and up to 98% efficiency (i.e., only 2% of electrical charge is lost during use). The lithium-ion batteries have very high energy and power densities, which leads to lower weight with low standby losses, and high life expectancy. Lithium-ion batteries continue to hold a large size of the battery energy storage system market owing to its features such as high energy density, self-discharge capability, low maintenance requirement, less weight, and high life expectancy. Battery energy storage system is well suited for smoothing the variable output of renewables and controlling the rapid ramping up and down of solar as well as wind generation. The grid operators and regulators are aware of the importance of battery energy storage systems and their ability to cater through multiple services. The utility operators are using these systems in their resource planning processes, which reduces the system costs and increases storage capacity.
The global Battery Energy Storage market size is expected to reach US$ 8495.9 million by 2029, growing at a CAGR of 3.3% from 2023 to 2029. The market is mainly driven by the significant applications of Battery Energy Storage in various end use industries. The expanding demands from the Residential, Non-Residential, Utilities and Others, are propelling Battery Energy Storage market. Li-Ion Batteries, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Lead-Acid Batteries segment is estimated at % CAGR for the next seven-year period.
Due to the rapid development of the wind power and photovoltaic industry, as well as the increasing awareness of environmental protection in various countries, the energy storage industry is becoming one of the key technologies, which is used in many countries to advance the carbon neutral target process today. The United States, China and Japan occupied the leading position in the installed capacity of energy storage projects, among which the United States is the world's largest energy storage market. The European Union established the European Battery Alliance (EBA) in 2017, aiming to escape the EU's dependence on Asian manufacturers in the battery storage field. According to Data Europa’s statistics, the cumulative installed capacity has reached 48.38GW in 2020. At present, pumped storage accounts for 94% of the energy storage market in Europe, with Spain and Germany having the largest capacity. According to BNEF data, electrochemical energy storage in the United States added 3.97GW / 10.88 GWh in 2021. In terms of power, it accounted for 40% of the global increase. In 2022, the United States passed the IRA, which subsidized independent energy storage for the first time. Under the ITC, new energy storage projects could offset up to 59% of the investment. The effect of the policy has initially appeared, and the energy storage industry in the United States shows an upward trend.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Battery Energy Storage, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Battery Energy Storage market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Battery Energy Storage market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Battery Energy Storage sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Battery Energy Storage covered in this report include Siemens, ABB, Samsung SDI, Bosch and BYD, etc.
The global Battery Energy Storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Siemens
ABB
Samsung SDI
Bosch
BYD
Global Battery Energy Storage market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Battery Energy Storage market, Segment by Type:
Li-Ion Batteries
Lead-Acid Batteries
Sodium Sulfur Batteries
Global Battery Energy Storage market, by Application
Residential
Non-Residential
Utilities
Others
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Battery Energy Storage manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Battery Energy Storage in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
Index1 Battery Energy Storage Market Overview
1.1 Battery Energy Storage Product Overview
1.2 Battery Energy Storage Market Segment by Type
1.2.1 Li-Ion Batteries
1.2.2 Lead-Acid Batteries
1.2.3 Sodium Sulfur Batteries
1.3 Global Battery Energy Storage Market Size by Type
1.3.1 Global Battery Energy Storage Market Size Overview by Type (2018-2029)
1.3.2 Global Battery Energy Storage Historic Market Size Review by Type (2018-2023)
1.3.3 Global Battery Energy Storage Forecasted Market Size by Type (2024-2029)
1.4 Key Regions Market Size Segment by Type
1.4.1 North America Battery Energy Storage Sales Breakdown by Type (2018-2023)
1.4.2 Europe Battery Energy Storage Sales Breakdown by Type (2018-2023)
1.4.3 Asia-Pacific Battery Energy Storage Sales Breakdown by Type (2018-2023)
1.4.4 Latin America Battery Energy Storage Sales Breakdown by Type (2018-2023)
1.4.5 Middle East and Africa Battery Energy Storage Sales Breakdown by Type (2018-2023)
2 Global Battery Energy Storage Market Competition by Company
2.1 Global Top Players by Battery Energy Storage Sales (2018-2023)
2.2 Global Top Players by Battery Energy Storage Revenue (2018-2023)
2.3 Global Top Players by Battery Energy Storage Price (2018-2023)
2.4 Global Top Manufacturers Battery Energy Storage Manufacturing Base Distribution, Sales Area, Product Type
2.5 Battery Energy Storage Market Competitive Situation and Trends
2.5.1 Battery Energy Storage Market Concentration Rate (2018-2023)
2.5.2 Global 5 and 10 Largest Manufacturers by Battery Energy Storage Sales and Revenue in 2022
2.6 Global Top Manufacturers by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Battery Energy Storage as of 2022)
2.7 Date of Key Manufacturers Enter into Battery Energy Storage Market
2.8 Key Manufacturers Battery Energy Storage Product Offered
2.9 Mergers & Acquisitions, Expansion
3 Battery Energy Storage Status and Outlook by Region
3.1 Global Battery Energy Storage Market Size and CAGR by Region: 2018 VS 2022 VS 2029
3.2 Global Battery Energy Storage Historic Market Size by Region
3.2.1 Global Battery Energy Storage Sales in Volume by Region (2018-2023)
3.2.2 Global Battery Energy Storage Sales in Value by Region (2018-2023)
3.2.3 Global Battery Energy Storage Sales (Volume & Value) Price and Gross Margin (2018-2023)
3.3 Global Battery Energy Storage Forecasted Market Size by Region
3.3.1 Global Battery Energy Storage Sales in Volume by Region (2024-2029)
3.3.2 Global Battery Energy Storage Sales in Value by Region (2024-2029)
3.3.3 Global Battery Energy Storage Sales (Volume & Value), Price and Gross Margin (2024-2029)
4 Global Battery Energy Storage by Application
4.1 Battery Energy Storage Market Segment by Application
4.1.1 Residential
4.1.2 Non-Residential
4.1.3 Utilities
4.1.4 Others
4.2 Global Battery Energy Storage Market Size by Application
4.2.1 Global Battery Energy Storage Market Size Overview by Application (2018-2029)
4.2.2 Global Battery Energy Storage Historic Market Size Review by Application (2018-2023)
4.2.3 Global Battery Energy Storage Forecasted Market Size by Application (2024-2029)
4.3 Key Regions Market Size Segment by Application
4.3.1 North America Battery Energy Storage Sales Breakdown by Application (2018-2023)
4.3.2 Europe Battery Energy Storage Sales Breakdown by Application (2018-2023)
4.3.3 Asia-Pacific Battery Energy Storage Sales Breakdown by Application (2018-2023)
4.3.4 Latin America Battery Energy Storage Sales Breakdown by Application (2018-2023)
4.3.5 Middle East and Africa Battery Energy Storage Sales Breakdown by Application (2018-2023)
5 North America Battery Energy Storage by Country
5.1 North America Battery Energy Storage Historic Market Size by Country
5.1.1 North America Battery Energy Storage Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
5.1.2 North America Battery Energy Storage Sales in Volume by Country (2018-2023)
5.1.3 North America Battery Energy Storage Sales in Value by Country (2018-2023)
5.2 North America Battery Energy Storage Forecasted Market Size by Country
5.2.1 North America Battery Energy Storage Sales in Volume by Country (2024-2029)
5.2.2 North America Battery Energy Storage Sales in Value by Country (2024-2029)
6 Europe Battery Energy Storage by Country
6.1 Europe Battery Energy Storage Historic Market Size by Country
6.1.1 Europe Battery Energy Storage Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
6.1.2 Europe Battery Energy Storage Sales in Volume by Country (2018-2023)
6.1.3 Europe Battery Energy Storage Sales in Value by Country (2018-2023)
6.2 Europe Battery Energy Storage Forecasted Market Size by Country
6.2.1 Europe Battery Energy Storage Sales in Volume by Country (2024-2029)
6.2.2 Europe Battery Energy Storage Sales in Value by Country (2024-2029)
7 Asia-Pacific Battery Energy Storage by Region
7.1 Asia-Pacific Battery Energy Storage Historic Market Size by Region
7.1.1 Asia-Pacific Battery Energy Storage Market Size Growth Rate (CAGR) by Region: 2018 VS 2022 VS 2029
7.1.2 Asia-Pacific Battery Energy Storage Sales in Volume by Region (2018-2023)
7.1.3 Asia-Pacific Battery Energy Storage Sales in Value by Region (2018-2023)
7.2 Asia-Pacific Battery Energy Storage Forecasted Market Size by Region
7.2.1 Asia-Pacific Battery Energy Storage Sales in Volume by Region (2024-2029)
7.2.2 Asia-Pacific Battery Energy Storage Sales in Value by Region (2024-2029)
8 Latin America Battery Energy Storage by Country
8.1 Latin America Battery Energy Storage Historic Market Size by Country
8.1.1 Latin America Battery Energy Storage Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
8.1.2 Latin America Battery Energy Storage Sales in Volume by Country (2018-2023)
8.1.3 Latin America Battery Energy Storage Sales in Value by Country (2018-2023)
8.2 Latin America Battery Energy Storage Forecasted Market Size by Country
8.2.1 Latin America Battery Energy Storage Sales in Volume by Country (2024-2029)
8.2.2 Latin America Battery Energy Storage Sales in Value by Country (2024-2029)
9 Middle East and Africa Battery Energy Storage by Country
9.1 Middle East and Africa Battery Energy Storage Historic Market Size by Country
9.1.1 Middle East and Africa Battery Energy Storage Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
9.1.2 Middle East and Africa Battery Energy Storage Sales in Volume by Country (2018-2023)
9.1.3 Middle East and Africa Battery Energy Storage Sales in Value by Country (2018-2023)
9.2 Middle East and Africa Battery Energy Storage Forecasted Market Size by Country
9.2.1 Middle East and Africa Battery Energy Storage Sales in Volume by Country (2024-2029)
9.2.2 Middle East and Africa Battery Energy Storage Sales in Value by Country (2024-2029)
10 Company Profiles
10.1 Siemens
10.1.1 Siemens Company Information
10.1.2 Siemens Introduction and Business Overview
10.1.3 Siemens Battery Energy Storage Sales, Revenue and Gross Margin (2018-2023)
10.1.4 Siemens Battery Energy Storage Products Offered
10.1.5 Siemens Recent Development
10.2 ABB
10.2.1 ABB Company Information
10.2.2 ABB Introduction and Business Overview
10.2.3 ABB Battery Energy Storage Sales, Revenue and Gross Margin (2018-2023)
10.2.4 ABB Battery Energy Storage Products Offered
10.2.5 ABB Recent Development
10.3 Samsung SDI
10.3.1 Samsung SDI Company Information
10.3.2 Samsung SDI Introduction and Business Overview
10.3.3 Samsung SDI Battery Energy Storage Sales, Revenue and Gross Margin (2018-2023)
10.3.4 Samsung SDI Battery Energy Storage Products Offered
10.3.5 Samsung SDI Recent Development
10.4 Bosch
10.4.1 Bosch Company Information
10.4.2 Bosch Introduction and Business Overview
10.4.3 Bosch Battery Energy Storage Sales, Revenue and Gross Margin (2018-2023)
10.4.4 Bosch Battery Energy Storage Products Offered
10.4.5 Bosch Recent Development
10.5 BYD
10.5.1 BYD Company Information
10.5.2 BYD Introduction and Business Overview
10.5.3 BYD Battery Energy Storage Sales, Revenue and Gross Margin (2018-2023)
10.5.4 BYD Battery Energy Storage Products Offered
10.5.5 BYD Recent Development
11 Upstream, Opportunities, Challenges, Risks and Influences Factors Analysis
11.1 Battery Energy Storage Key Raw Materials
11.1.1 Key Raw Materials
11.1.2 Key Raw Materials Price
11.1.3 Raw Materials Key Suppliers
11.2 Manufacturing Cost Structure
11.2.1 Raw Materials
11.2.2 Labor Cost
11.2.3 Manufacturing Expenses
11.3 Battery Energy Storage Industrial Chain Analysis
11.4 Battery Energy Storage Market Dynamics
11.4.1 Battery Energy Storage Industry Trends
11.4.2 Battery Energy Storage Market Drivers
11.4.3 Battery Energy Storage Market Challenges
11.4.4 Battery Energy Storage Market Restraints
12 Market Strategy Analysis, Distributors
12.1 Sales Channel
12.2 Battery Energy Storage Distributors
12.3 Battery Energy Storage Downstream Customers
13 Research Findings and Conclusion
14 Appendix
14.1 Research Methodology
14.1.1 Methodology/Research Approach
14.1.2 Data Source
14.2 Author Details
14.3 Disclaimer
Published By : QY Research
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